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VEGOILS-Palm falls after marking best week in two decades, MPOB data awaited

VEGOILS-Palm falls after marking best week in two decades, MPOB data awaited

05/09/2021 23:17
VEGOILS-Palm falls after marking best week in two decades, MPOB data awaited

- Malaysian palm oil futures slipped more than 1% on Monday, after notching their best week in two decades, as market participants awaited official supply and demand data, although low stockpile forecast kept prices near a 13-year high hit last week.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange slid 60 ringgit, or 1.36%, to 4,367 ringgit ($1,064.08) a tonne in early trade, retreating after last week's 14.5% jump.

The Malaysian Palm Oil Board (MPOB) is scheduled to release its April supply and demand data later in the day.

A Reuters survey pegged April inventories to fall 0.27% from the month before to 1.44 million tonnes. Production was seen up 8.9% at 1.55 million tonnes, while exports likely rose 10% to 1.3 million tonnes. nL4N2MS0HP


FUNDAMENTALS

* The ringgit MYR=, palm's currency of trade, rose 0.15% against the dollar, making the commodity more expensive for holders of foreign currency.

* Dalian's most-active soyoil contract DBYcv1 fell 0.4%, while its palm oil contract DCPcv1 gained 0.3%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.6%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Palm oil may extend gains into a range of 4,494-4,556 ringgit per tonne, Reuters technical analyst Wang Tao said. TECH/C


MARKET NEWS

* Stocks rose amid speculation that interest rates will remain low due to receding inflationary pressure, while oil and gas prices jumped after a cyber attack on a U.S. pipeline operator unnerved markets. MKTS/GLOB

* Crude prices climbed more than 1% after a major cyber attack that forced the shutdown of critical fuel supply pipelines in the United States, highlighting the fragility of oil infrastructure. O/R

DATA/EVENTS

0730 UK Halifax House Prices MM April


($1 = 4.1040 ringgit)


(Reporting by Mei Mei Chu; Editing by Subhranshu Sahu)

(([email protected]))

For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets.  * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils                       OILS/ASIA1 Malaysian palm oil exports           SGSPALM1   CBOT soyoil futures                  0#BO:      CBOT soybean futures                 0#S:       Indian solvent                       SOLVENT01  Dalian Commodity Exchange            DC/MENU   Dalian soyoil futures                0#DBY:   Dalian refined palm oil futures      0#DCP:   Zhengzhou rapeseed oil               0#COI:   European edible oil prices/trades    OILS/E